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OPEC sees higher 2018 oil demand, points to easing glut

Reuters  |  LONDON 

By Alex LawlerLONDON (Reuters) - OPEC forecast higher demand for its crude in 2018 on Thursday due to rising global consumption, and pointed to signs of a stronger oil market that suggest an OPEC-led production cut is getting rid of price-sapping excess supply.In a monthly report, the Organization of the Petroleum Exporting Countries said the world would need 32.42 million barrels per day (bpd) of its oil next year, up 220,000 bpd from the previous forecast.OPEC also said physical oil markets in Europe and West Africa had firmed and that an increase in the price of Brent crude oil for ...

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First Published: Thu, August 10 2017. 19:38 IST
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